SEC Orders FINRA to Shape Up

WASHINGTON (CN) – The SEC on Thursday ordered the Financial Industry Regulatory Authority (FINRA) to hire an independent consultant and take other remedial measures to improve its policies, procedures, and training for producing documents during SEC inspections.

The SEC complained, in its order instituting settled administrative proceedings, that documents requested by the SEC’s Chicago Regional Office during an inspection were altered just hours before FINRA’s Kansas City District Office provided them.